Re: Mercury 150 XR2 Water Pump????
Pump comes in parts. You replace what needs replacing. Always impeller and gasket over wear plate, and possibly housing, wear plate, output seal, more gaskets, and slinger (rubber washer). You have to drop the LU to do the job, and then re-install it. It's not difficult unless you make it difficult by not doing it right.
What parts you initially order depend on budget (if real tight) and whether you want to wait for additional parts if needed. I usually do mine over winter at my leisure.
All the information you need to do a yeoman's job is in the manufacturers service manual. When you order parts, your engine serial number will put you on the right parts list.
hope it helps
John